Wednesday, February 27, 2013

ILO seeks social policies to aid global economic recovery

THE International Labour Organization (ILO) has called for the adoption of social policies to aid the current efforts at rescuing the receding global economy.
The Director-General of the international Labour watch body, Guy Ryder, said the world needs what he termed “smart social policies” to tackle the global economic recovery which, he claimed, hangs in the balance.

“Tipping that balance towards sustainable growth and development means tackling social injustice,” he said, in a statement to mark World Day for Social Justice.
According to Ryder, “the world of work is now at the centre of discontent and must be an integral part in shaping a different, more just, global order for the future.” 

Ryder underlined his argument by referring to the dismal global situation the world of work is facing 200 million unemployed, a further 870 million working poor, some 74 million unemployed youth, persisting child and forced labour and more than half of the world population having no social security at all.

“With full employment, the interdependent world economy would perform much better. Yet, as things stand, there is a serious danger of resorting to “beggar-thy-neighbour” policies such as trade protection and competitive currency devaluation, as well as wage cuts and retrenchment,” he submitted.

These trends “could leave everybody worse off, with economies weakening, deficits widening and social inequalities deepening,” the ILO boss stressed. 

The ILO Director-General did, however, highlight some encouraging signs.
“Some of the world’s most unequal societies are stepping up to the challenge of implementing smart social policies that are also an investment in a people-centred recovery,” he added.
He mentioned developing countries in Asia and Latin America investing in stronger social protection floors and minimum wage systems. Such policies would help to narrow social gaps and stop the world economy from slipping into a double-dip recession

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